Simsek: "Approving the constitutional reform package will speed up our economic growth"

Turkey's economy could grow six times faster than Europe's this year, Finance Minister Mehmet Simsek predicted yesterday. Speaking at a fast-breaking dinner marking the Turkish market debut of the sukuk, an Islamic financial certificate similar to a bond, Simsek spoke on the economic importance of a major constitutional reform package set for to face a public referendum next month. "If the package wins public approval, it will give a big boost to the economy's potential for growth," he said. Stating that Turkey needs considerable amounts of financing and capital to help it catch up with developed countries, Simsek added, "Turkey now stands at an important crossroads," he said. "With the passage of the reform package, I believe Turkey will become a predictable country with a well-functioning judiciary." Simsek also cited nearly 10 percent growth in the first half of this year as evidence that Turkey is poised to fully shake off the global economic crisis this year. As an alternative financial tool, the sukuk will make important contributions to Turkey's development, Simsek added. Asked about Prime Minister Recep Tayyip Erdogan criticizing the Turkish Industrialists' and Businessmen's Association (TUSIAD) for not endorsing the package, Simsek said, "You can't expect a TUSIAD-like organization to be indifferent to something that will have such a decisive impact on our country's future." Erdogan recently urged TUSIAD to take a stand on the package, saying that it can't be unconcerned with such a historically important development for Turkey.